An Ikeja Special Offences Court on Thursday admitted the former manager of P-Square, Jude Okoye, charged with stealing $1 million and £34,537, to N50 million bail.
Jude, the elder brother of Peter Okoye and Paul Okoye, is standing trial alongside his company, Northside Music Ltd., on a four-count charge bordering on theft.
The charge was preferred against him by the Economic and Financial Crimes Commission (EFCC), to which he pleaded ‘not guilty’.
Justice Rahman Oshodi, while delivering his ruling on the bail application moved by Jude’s lead counsel, Mr Clement Onwuenwunor (SAN), said: “I have considered the affidavit evidence and oral application submitted by the parties.
“The singular issue for determination is whether or not the court should exercise its discretion in favour of the first defendant by granting him bail.
“Section 115 (2) of the ACJL confers the discretion of this court to grant bail in cases not punishable by death.
“I am therefore satisfied that the issue for determination of bail should be resolved in the defendant’s favour.”
He, therefore, admitted the defendant to bail in the sum of N50 million with two sureties in like sum.
Oshodi said the sureties should be gainfully employed and should show evidence of three years’ tax payment to the Lagos State Government.
He ordered that the defendant should submit his dual citizenship documents to the chief registrar of the court.
Oshodi also ordered the EFCC to notify the immigration office to withhold the defendant’s international passport pending the determination of the case.
Earlier, the defence counsel, while moving the bail application dated Feb.27, had prayed the court to admit the defendant to bail on a liberal basis.
Onwuenwunor argued that the defendant had been on administrative bail since the inception of the case with the EFCC and had not jumped bail.
According to him, the defendant owns 40 per cent of the family company, while the nominal complainant owns only 30 per cent.
He prayed that, for the purpose of family unity, the defendant should be released on bail on the most liberal terms.
EFCC counsel, Mr Mohammed Bashir, in his 13-paragraph counter affidavit dated March 6, argued that the defendant’s dual citizenship status made him a flight risk.
Bashir, however, informed the court that the defendant had been diligent in reporting himself while on administrative bail.
“To be honest, the defendant was diligent in reporting to the commission, but this is a different case.
“He is standing trial on multiple counts before your lordship, and he has dual citizenship, which makes him a flight risk.
“However, we leave everything to the discretion of the court,” he said.
In the charge marked Ref/99260/2025, EFCC had alleged that Jude dishonestly converted the sum of 767,544 dollars to his own use.
It alleged that the sum was paid to Lex Records Ltd., for music digital distribution/publishing royalties.
However, the EFCC alleged that the payment was made with the intent to permanently deprive the complainant, Peter Okoye, of his special interest in the business.
The anti-graft agency also alleged that, sometime between 2016 and 2023, the defendant dishonestly converted the sum of £34,537 paid by Lex Records Ltd., for music digital distribution/publishing royalties to his personal use.
The commission alleged that the ex-manager also dishonestly converted the sum of $133,566 paid by Kobalt Music for digital distribution/publishing royalties, with the intent to permanently deprive the complainant of his special interest in the property.
The anti-graft agency also alleged that the defendant dishonestly converted the sum of $118,652, paid by Mtech Ltd., for music digital distribution and publishing royalties, with the intent to permanently deprive the complainant of his special interest.
According to EFCC, the alleged offences contravene Sections 278 and 285 of the Criminal Laws of Lagos State, 2011.
The court adjourned the case until May 16 for the commencement of trial
